FORMF S&P Load date 9/1/98
Standard & Poor's
Corporate Descriptions plus News
JetForm Corp.
560 Rochester St., Suite 400
Ottawa Ontario K1S 5K2 Canada
613-230-3676
TICKER: FORMF
LOAD-DATE: September 01, 1998
COMPANY-TYPE: Industrial
CUSIP: 477155
PRI-EXCHANGE: NDQ (NASDAQ)
2ND-EXCHANGE: Pacific
EMPLOYEES: 530
SHAREHOLDERS: 3500
INCORP-YEAR: 1982
INCORP-LOCATION: Canada
PRI-SIC:
7372 Prepackaged software
2ND-SIC:
7379 Computer related services, not elsewhere classified
* * * * * * * * * * * * * * * * * RECENT NEWS * * * * * * * * * * * * * *
NEWS TABLE OF CONTENTS-
DATE TITLE
--------- --------------------------------------------------------
06 Jul 98 Chief Financial Officer Resigns
26 Jun 98 Fourth Quarter and Annual Earns.: Apr. '98
05 Mar 98 Interim Consol. Earns.: Jan. '98
15 Dec 97 Interim Consol. Earns.: Oct. '97
05 Sep 97 Interim Consol. Earns.: July '97
JETFORM CORP.
DATE: 980706
EVENT: Management Changes (MMC)
TITLE: Chief Financial Officer Resigns
TEXT: July 6, 1998, JetForm Corp. (FORMF) said Ken Killin, vice
president, finance and administration and chief financial officer,
resigned, effective the day after the annual meeting of shareholders
to be held on September 9 in Ottawa.
Jeffrey McMullen, vice president and controller, succeeds Mr.
Killin as chief financial officer.
JETFORM CORP.
DATE: 980626
EVENT: Annual Earnings (ANE)
TITLE: Fourth Quarter and Annual Earns.: Apr. '98
(For full details see RECENT FINANCIAL STATEMENTS.)
JETFORM CORP.
DATE: 980305
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: Jan. '98
(For full details see RECENT FINANCIAL STATEMENTS.)
JETFORM CORP.
DATE: 971215
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: Oct. '97
(For full details see RECENT FINANCIAL STATEMENTS.)
JETFORM CORP.
DATE: 970905
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: July '97
(For full details see RECENT FINANCIAL STATEMENTS.)
* * * * * * * * COMPANY DESCRIPTION (Revision Date: 10/07/97) * * * * * * * *
CORPORATE BACKGROUND
Company provides open, client/server and web-based E-Forms
software solutions which automate the production and processing of
forms across an organization. Products and services are sold to a
wide variety of organizations, with an emphasis on the financial
services industry and the government sectors. Co. offers its
customers a full range of form design, fill, workflow and output
management products which support multiple hardware platforms,
software operating systems, databases and applications. Its
scalable, modular products allow an organization to incrementally
adopt E-Forms technology and the flexibility to best meet its
changing organizational needs.
Products include JetForm Design, a graphical design and
development tool for creating and customizing both simple and
complex E-Forms; JetForm Filler, which provides comprehensive
forms-completion capabilities including extensive database access
and merge functions; JetForm Workflow, which automates forms-based
business processes while providing time-based management and
sophisticated tracking functions; and JetForm Central, which
provides comprehensive output delivery including print, fax, EDI,
Web integration and interface to existing applications.
Company provides technical support, training, forms design and
consulting services to its customers. Consulting services include
assisting customers to configure, implement and integrate Co.'s
products and, when required, customize products and design automated
processes to meet customers' specific business needs. Ongoing
technical support includes telephone, fax and e-mail access.
In fiscal 1997, the U.S. accounted for 45.4% of revenues (27.5% in
fiscal 1996), Canada 25.3% (36.6%), Europe 25.0% (28.4%), and the
Pacific Rim 4.3% (7.5%).
BREAKDOWN OF REVENUES, Yrs. End. Apr. 30:
1997 1996
Thou. Cdn. $ % Thou. Cdn. $ %
Products...............54,935 71.7 31,600 72.7
Services...............21,679 28.3 11,855 27.3
Total................76,614 100.0 43,455 100.0
RESEARCH & DEVELOPMENT EXPENDITURES, Yrs. End. Apr. 30: Thou. $
1997.............8,422 1996.............4,805 1995.............2,744
EMPLOYEES- Apr. 30, 1997, 530, incl. 477 full-time.
PROPERTY- Research and development, production and customer support
facilities are leased in Ottawa, Ont. A research and development
facility is also leased in Toronto.
CAPITAL EXPENDITURES, Yrs. End. Apr. 30: Thou. $
1997.............7,299 1996.............6,227 1995.............2,679
OFFICER- 560 Rochester St., Suite 400, Ottawa, Ontario, Canada K1S
5K2 (Tel.: 613-230-3676). WEBSITE-http://jetform.com.
SUBSIDIARIES- wholly owned-
JetForm Corp. (Del.)
DVS Communications, Inc.
JetForm Pacific Pty. Ltd.
JetForm Scandinavia AB
JetForm France S.A.
JetForm U.K. Ltd.
Eclipse Corp.
Proactive Systems S.A.
Proactive Systems GmbH
INCORPORATED in Can. June 10, 1982 as Jorag Computer Systems Ltd.; name changed to Indigo Sofware Ltd. in Sept., 1982, and to current title in Sept., 1991.
Sept. 10, 1996, acquired certain assets related to the forms software group of Delrina Corp. for apx. US$ 99,000,000.
OFFICERS-
A. E. Ostrovsky, Chairman
J. B. Kelly, Pres & Chief Exec Officer
John Gleed, Exec V-P
P. W. Weaver, Exec V-P
Lynne K. Boyd, Sr V-P
H. R. A. Millikin, Sr V-P
K. J. Killin, V-P & Chief Fin Officer
T. E. Hicks, V-P
W. F. Hall, V-P
Deborah L. Weinstein, Secy
DIRECTORS-
R. F. Allum
G. H. Gilmore, Jr.
John Gleed
E. R. Goodwin
T. E. Hicks
S. A. Holinski
J. B. Kelly
D. B. Maloney
A. E. Ostrovsky
D. J. Payne
S. A. Young
G. C. Macmillan
* * * * * * * * * * * CAPITALIZATION (Apr. 30 '97) * * * * * * * * * * * * *
LONG TERM DEBT- $ 76,457,000, excl. $ 25,061,000 due currently.
REVOLVING LINE OF CREDIT provided up to $ 15,000,000 at the prime
interest rate-- none taken down at Apr. 30, 1997.
STOCK OUTSTANDING- Auth. Shs. Outstg. Shs.
Preference...................................2,263,782 @450,448
Common no par...............................*Unlimited 15,693,623
*Incl. 2,301,137 for options and warrants outstg., with shs. for
future option grants; and 450,448 for conv. of Preference shs.
@Closely held; conv. into Com., share-for-share.
* * * * * * * * * * * * * * * * * STOCK DATA * * * * * * * * * * * * * *
COMMON VOTING POWER- One vote per share.
VOTING POWER OF OTHER SECURITIES- A holder of each Pref. share is
entitled to vote on the basis of one vote for each Com. share that
the holder would receive upon conversion of the Pref. Holders of the
Pref. are also entitled to elect 3 directors if the number of
directors is 12 or less, and 25% of the directors if the number of
directors is greater than 12. Under certain agreements, Moore Corp.
Ltd., the only holder of Pref. stock, has agreed to forgo the rights
to elect directors as provided by the Charter, but such agreements
also entitle Moore to nominate 2 directors as long as Moore owns at
least 10% of the Com., and 1 director as long as Moore owns at least
5% of the Com.
STOCKHOLDERS- June 26, 1997, 3,500. July 10, 1997, Ardsley Partners
owned 7.0% (1,106,000 shs.) of the Com., and Moore Corp. Ltd. owned
12.6% (1,992,084 shs.) of the Com. and 100% of the Pref.
DIVIDENDS- Com. no par: None.
Com. was split 4-for-1 Dec. 4, 1992, and 3-for-2 Dec. 8, 1993.
STOCK-OFFERING:
COMMON OFFERED-
Date Shares Price Comm.
4-20-93.....................*1,000,000 $ 6.00 *$ 0.60
3-27-97.....................@1,500,000 US$ 16.25 @US$ 1.06
*Whale Securities Co., L.P.; incl. 200,000 for certain stkhldrs.
An additional 150,000 were sold to cover over-allotments. Co. also
agreed to sell to underwriter for $ 100, warrants to buy up to
100,000 shs. at $ 7.80 per sh. during the period Apr. 20, 1995-1998.
@Goldman, Sachs & Co., Cowen & Co., RBC Dominion Securities Corp.,
et al. Underwriters had an option to buy up to 225,000 more Com.
shs. to cover over-allotments-- none taken.
COMMON PLACED PRIVATELY- Jan. 6, 1994, Co. completed the private
placement of 1,350,000 Com. shs. to qualified investors in Can. and
the U.K. at U.S. $ 10.67 per share. Shares sold consisted of 900,000
treas. shs. and 450,000 shs. held by certain of Co.'s directors.
TRANSFER AGENT & REGISTRAR- American Stock Transfer & Trust
Co.,NYC.
STOCK PRICE-
LISTED- Nasdaq (Symbol FORMF); also traded Pacific Stock Exchange:
1996..........24 1/2 12 1995..........20 1/4 7
1994..........11 1/2 6 *1993.........11 1/4 8 3/4
*Aft. 3-for-2 split Dec. 8; bef., 18 3/4-6.
* * * * * * * * * * * * * * EARNINGS AND FINANCE * * * * * * * * * * * *
CONSOL. EARNS., Y-E Apr. 30: Thou. Can. $
Oper. Depr. &
Revs. Inc. Amort.
1997......................................76,614 16,367 8,605
1996......................................43,455 8,955 3,824
1995......................................26,009 3,075 1,196
1994......................................12,128 d544 373
1993.......................................8,837 1,923 109
1992.......................................4,804 d513 85
1991.......................................3,961 d731 82
Inc. Net *Sh. Earns.
Taxes Inc. Prim. Dltd.
1997......................193 d148,480 d10.03 d10.03
1996....................2,449 4,148 0.39 0.37
1995......................698 2,755 0.29 0.24
1994......................159 d556 d0.08 ---
1993.......................27 1,593 0.50 ---
1992......................--- d1,111 d0.43 ---
1991......................--- d829 d0.35 ---
dDeficit.
*As reported by Co., adjtd. for June '92 4-for-1 stk. split.
ADJUSTED EARNS. for Dec. '93 3-for-2 stk. split: $
1993 0.33
1992 d0.29
1991 d0.23
AUDITORS- Coopers & Lybrand, Ottawa, Ont., Can.
* * * * * * * * * * * * * * * FINANCIAL STATEMENTS * * * * * * * * * * * *
Annual Report- Consol. Inc. Acct. Yrs. End. Apr. 30: Thou. Can. $
1997 @1996 1995
Revenues........................76,614 43,455 26,009
Cost & exps.....................60,247 34,500 22,934
Oper. income....................16,367 8,955 3,075
Interest income....................--- 1,401 1,573
Other income.....................1,659 65 1
Total income....................18,026 10,421 4,649
Depr. & amort....................8,605 3,824 1,196
Prov. for repurchase
of Moore Options................47,084 --- ---
Charge related to in
process research &
devlmt.........................106,962 --- ---
Interest exp., net...............3,662 --- ---
Income tax.........................193 2,449 698
Net income..................d148,480 4,148 2,755
*Share earns. (primary) d$ 10.03 $ 0.35 $ 0.25
Share earns. (fully
diluted)........................d10.03 $ 0.34 $ 0.24
Avge. shs. (Thou.):.............14,797 11,928 9,559
dDeficit.
*Based on avge. shs.
@Incls. opers. of Eclipse Corp. and JetForm U.K., acqd. on Feb.
13, 1996 and Mar. 31 1996, respectively; transactions were acctd.
for on a purchase basis. Pro forma results, assuming acquis. had
occurred on May 1 '94, would have been: (Thou. Can. $ )
Yrs. End. Apr. 30: 1996 1995
Revenues........................................51,425 32,972
Net income.......................................3,131 1,629
Share earns. (primary)...........................$ 0.25 $ 0.14
Share earns. (fully diluted).....................$ 0.25 $ 0.13
Note: Co. reported the following pro forma results assuming
compensation costs for its stock option plan had been determined
using the fair value based method of accounting as prescribed by
FASB #123 "Accounting for Stock-Based Compensation": (Thou. Can. $ )
Yrs. End. Apr. 30: 1997 1996
Net income....................................d152,184 3,323
Share earns. (primary)..........................d10.28 $ 0.28
Share earns. (fully diluted)....................d10.28 0.27
Consol. Bal. Sheet Apr. 30: Thou. Can. $
Assets- 1997 1996
Cash & equiv....................................34,450 20,198
Receivables, net................................30,731 17,483
Due from affil...................................2,892 4,105
Inventories......................................3,430 1,787
Income tax.........................................880 423
Other curr. assets...............................3,663 1,953
Tot. curr. assets.............................76,046 45,949
Accts. rec.......................................2,329 2,259
Invstmt. tax credit..............................1,345 2,000
*Net property...................................14,034 9,448
Intangibles.....................................41,242 25,814
Other assets.....................................7,992 3,409
Total assets.................................142,988 88,879
Liabilities-.......................................
Curr. debt mat..................................25,061 ---
Accts. pay.......................................4,753 4,824
Accruals.........................................8,827 7,326
Unearned revenue.................................6,996 3,641
Defr. inc. tax.....................................--- 442
Tot. curr. liabs..............................45,637 16,233
Delrina obligs..................................76,457 ---
Defr. inc. tax...................................4,805 5,613
@Pref. stk. n.p..................................4,939 24,823
aCom. stk. n.p.................................154,016 36,596
Retained earns................................d142,866 5,614
Total liabs..................................142,988 88,879
Net wkg. cap....................................30,409 29,716
Equity per sh........................................b $ 2.32
*Depr. & amort. res............................6,677 3,570
@Pref. shs. (Thou.):.............................450 2,264
aCom. shs. (Thou.):...........................15,694 9,237
bNot computed by S&P as method used (elimination of intangibles)
would result in a negative figure.
* * * * * * * * * * * * RECENT FINANCIAL STATEMENTS * * * * * * * * * * *
(Also see RECENT NEWS for more information)
JETFORM CORP.
DATE: 970905
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: July '97
Thou. Can. $
3 Mos. to July 31: 1997 1996
Revenues 23,575 14,939
Net income 957 @d45,888
*Sh. earns.: $ 0.06 d$ 3.41
dDeficit.
*As reported.
@Includes a charge of $ 47,000,000 in connection with the
repurchase of options owned by Moore Corporation.
JETFORM CORP.
DATE: 971215
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: Oct. '97
Thou. Can. $
3 Mos. to Oct. 31: 1997 1996
Revenues 26,548 18,510
Net income 1,860 d103,062
*Sh. earns.: $ 0.11 d$ 6.88
6 Mos.:
Revenues 50,123 33,449
Net income 2,817 d148,950
*Sh. earns.: $ 0.17 d$ 10.48
*Avge. shs.: 1997 1996
3 mos. 16,934,002 14,982,708
6 mos. 16,901,877 14,212,343
Note: Results for the three-and six-month periods of 1996 include
pre-tax write-off of acquired research & development costs of
$ 106,962,000.
JETFORM CORP.
DATE: 980305
EVENT: Interim Earnings (INE)
TITLE: Interim Consol. Earns.: Jan. '98
Thou. Can. $
3 Mos. to Jan. 31: 1998 1997
Revenues 28,579 22,337
Net income 2,856 1,627
*Sh. earns.
Basic $ 0.17 $ 0.11
Diluted 0.17 0.11
9 Mos.:
Revenues 78,702 55,786
Net income 5,673 @d147,323
*Sh. earns.
Basic $ 0.35 d$ 10.19
Diluted 0.34 d10.19
dDeficit.
*As reported.
@Includes a charge of $ 154,000,000 or $ 10.66 per share from
in-process research & development and repurchase of options owned by
Moore Corp.
JETFORM CORP.
DATE: 980626
EVENT: Annual Earnings (ANE)
TITLE: Fourth Quarter and Annual Earns.: Apr. '98
Consol. Inc. Acct.: Thou. Can. $
3 Mos. to Apr. 30: 1998 1997
Revenue 32,525 20,800
Net income 5,191 d1,200
*Sh. earns. $ 0.28 d$ 0.07
Years Ended:
Revenue 111,227 76,600
Net income 10,864 @d148,500
*Sh. earns. $ 0.62 d$ 10.03
dDeficit
*As reported on a fully diluted basis.
@Includes a charge of $ 154,000,000 or $ 10.41 per share in
connection with its purchase of the Delrina Group's electronic-forms
assets and the repurchase of options owned by Moore Corporation.
* * * * * * * * * * * * ANNUAL REPORT DATA ELEMENTS * * * * * * * * * * *
------------- Income Account, Canadian Dollar (000's) -------------
YEAR END 04/97 04/96 04/95
NET SALES/REVENUES 76,614 43,455 26,009
COST & EXPENSES 60,247 34,500 22,934
OPERATING INCOME 16,367 8,955 3,075
INTEREST INCOME 0 1,401 1,573
OTHER INCOME 1,659 65 1
TOTAL INCOME 18,026 10,421 4,649
DEPR./AMORT. 8,605 3,824 1,196
OTHER EXPENSES 154,046 0 0
FIXED CHARGES 3,662 0 0
INCOME TAXES-EXPENSE 193 2,449 698
NET INCOME -148,480 4,148 2,755
----------------- Assets, Canadian Dollar (000's) -----------------
YEAR END 04/97 04/96
CASH AND EQUIVALENT 34,450 20,198
RECEIVABLES 35,952 23,847
INVENTORIES 3,430 1,787
NET PROPERTY 14,034 9,448
INCOME TAX - ASSET 2,225 2,423
INTANGIBLES 41,242 25,814
OTHER ASSETS 11,655 5,362
TOTAL CURRENT ASSETS 76,046 45,949
TOTAL ASSETS 142,988 88,879
-------------- Liabilities, Canadian Dollar (000's) ---------------
YEAR END 04/97 04/96
PAYABLES 4,753 4,824
ACCRUALS - LIAB. 8,827 7,326
INCOME TAXES - LIAB. 4,805 6,055
ADVANCES - LIAB. 6,996 3,641
DEBT 25,061 0
OTHER LIABILITIES 76,457 0
COMMON STOCK 154,016 36,596
RETAINED EARNINGS -142,866 5,614
TOTAL CURR. LIABS. 45,637 16,233
TOTAL LIABILITIES 142,988 88,879
NET WORKING CAPITAL 30,409 29,716
ACCUMULATED DEPREC. 6,677 3,570
* * * * * * * * * * * * * * * FINANCIAL RATIOS * * * * * * * * * * * * *
RATIO YEAR END 04/97 04/96
QUICK RATIO 1.543 2.713
CURRENT RATIO 1.666 2.831
TOTAL CURR. LIABS/NET WORTH (%) NA 39.4
TOTAL CURR. LIABS/INVENTORY (%) 1330.5 908.4
TOTAL LIABS/NET WORTH (%) NA 113.2
FIXED ASSETS/NET WORTH (%) NA 22.9
COLLECTION PERIOD (DAYS) 171 200
NET SALES/INVENTORY 22.336 24.317
TOTAL ASSETS/NET SALES (%) 186.6 204.5
NET SALES/NET WORK. CPTL. 2.519 1.462
ACCTS. PAYABLE/NET SALES (%) 6.2 11.1
RETURN ON SALES (%) -193.8 9.5
RETURN ON ASSETS (%) -103.8 4.7
RETURN ON NET WORTH (%) NA 10.1
* * * * * * * * * * * * * * * * COMPUSTAT DATA * * * * * * * * * * * * *
COMPUSTAT YEAR END 1997 1996 1995
COMPUSTAT NET SALES 54,840 31,918 19,130
COMPUSTAT INCOME TAXES 138 1,799 514
COMPUSTAT NET INCOME -106,282 3,047 2,026
COMPUSTAT OPER. INC. 7,669 4,894 2,181
COMPUSTAT CURR. ASSETS 54,433 33,750
COMPUSTAT CURR. LIABS 32,667 11,916
COMPUSTAT TOTAL ASSETS 102,351 61,552
COMPUSTAT FOOTNOTES-
Net Sales 1997 DATA REFLECTS AN ACQUISITION
Net Sales 1996 DATA REFLECTS AN ACQUISITION
Net Sales 1995 DATA REFLECTS AN ACQUISITION
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